What issues are affecting unit-linked insurance business in the UK?

In the United Kingdom, unit-linked insurance makes up the largest proportion of the life insurance market. According to the latest set of Solvency and Financial Condition Reports (SFCRs), in 2017, 60% of the technical provisions (equating to approximately £1.1 trillion) and 69% of the gross written premiums for UK life insurers related to unit-linked business. Approximately 11% of all unit-linked business in the UK is reinsured, equivalent to approximately £127 billion or 66% of all reinsurance in the UK life insurance market.

This paper by Milliman consultants summarises a number of the most material developments affecting unit-linked insurance business that occurred during 2018 and which remain areas of ongoing focus.

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